Mizuho Securities USA LLC Boosts Stock Position in Elevance Health, Inc. (NYSE:ELV)

Mizuho Securities USA LLC boosted its position in Elevance Health, Inc. (NYSE:ELV) by 185.4% in the 3rd quarter, HoldingsChannel reports. The firm owned 51,153 shares of the company’s stock after purchasing an additional 33,231 shares during the period. Mizuho Securities USA LLC’s holdings in Elevance Health were worth $26,600,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of ELV. Catalytic Wealth RIA LLC purchased a new position in Elevance Health during the first quarter worth about $291,000. Blair William & Co. IL increased its position in Elevance Health by 119.7% during the first quarter. Blair William & Co. IL now owns 12,134 shares of the company’s stock worth $6,292,000 after purchasing an additional 6,610 shares during the last quarter. Edgestream Partners L.P. purchased a new position in Elevance Health during the first quarter worth approximately $698,000. Cynosure Group LLC purchased a new position in shares of Elevance Health in the 1st quarter worth $322,000. Finally, Covestor Ltd grew its position in Elevance Health by 14.1% during the first quarter. Covestor Ltd now owns 493 shares of the company’s stock valued at $256,000 after acquiring an additional 61 shares during the period. 89.24% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the transaction, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This represents a 46.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.35% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Argus downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. UBS Group reduced their target price on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a report on Friday, October 18th. Raymond James set a $485.00 price target on Elevance Health in a report on Friday, October 18th. Mizuho reduced their price objective on Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 5th. Finally, Truist Financial reiterated a “buy” rating and issued a $520.00 target price (down previously from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $539.20.

Elevance Health Price Performance

Shares of NYSE ELV opened at $400.78 on Friday. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $92.95 billion, a price-to-earnings ratio of 14.61, a price-to-earnings-growth ratio of 1.22 and a beta of 0.85. Elevance Health, Inc. has a twelve month low of $397.98 and a twelve month high of $567.26. The business has a 50 day simple moving average of $475.29 and a 200-day simple moving average of $513.63.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The business had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. During the same period last year, the company posted $8.99 earnings per share. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, equities research analysts expect that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.63%. The ex-dividend date is Thursday, December 5th. Elevance Health’s dividend payout ratio (DPR) is presently 23.77%.

Elevance Health Profile

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.